Little Nations But Big Tax Havens

Some of the smallest countries in the world are the largest tax havens for companies and individuals

US-controlled companies are among many global firms and wealthy individuals (including 612 Indians) around the world who park their profits in well-known tax havens. Money from the US controlled companies alone is often several times more than the GDP of these tiny nations.

Profits for US MNCs as a % of local GDP7.6Ireland

9.8Cyprus

18.2Luxembourg

354.7British Virgin Islands

546.7Cayman Islands

339.8Marshall Islands

645.7Bermuda

Source:An investigative report titled Tax Havens: International Tax Avoidance and Evasion brought out by the US Congressional Research Service in January 2013

(This story appears in the 03 May, 2013 issue of Forbes India. You can buy our tablet version from Magzter.com. To visit our Archives, click here.)